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Bharti Airtel shares up on Qatar deal in early trade

Bharti Airtel shares up on Qatar deal in early trade

The stock has been going up despite the company reporting a drop in quarterly profits. Three Pillars, an affiliate of Qatar Foundation Endowment, initially offered 19.98 crore shares in Bharti Airtel at a price band of Rs 473 to Rs 490 apiece on the stock market but later lowered the top end of the band to Rs 480, sources privy to the development said.

The price range is a discount of 4.7-8 per cent to the stock's Tuesday closing price of Rs 514.35 on the National Stock Exchange.

In May 2013, TPPL invested ₹6,800 crore in Airtel to strengthen the capital structure and allow further investment for growth. A spokesman for the Bharti Group declined to comment on the Qatar stake sale.

Major Gulf nations have cut diplomatic and transport relations with Qatar accusing it of backing terrorism.

Bharti Airtel's share price plunged as much as 6 percent Wednesday after multiple block deals worth over Rs 10,000 crore, in early trade.




The country's $320 billion sovereign wealth fund, the Qatar Investment Authority, has reduced its direct holdings in Credit Suisse Group AG, Rosneft PJSC and Tiffany & Co.in recent months. "Bharti Airtel has successfully maintained its market-leading position, and its positive momentum has led to our investment performing well", Rashid Al-Naimi, Chief Executive Officer of QFE, said in a statement.

QFE said that UBS acted as Sole Bookrunner on this transaction.

The scrip was trading 3.08 per cent down at Rs 498.50 around 9.30 am (IST). According to the Foundation, Three Pillars' representative on board of Bharti Airtel will step down immediately post settlement.

Bharti Airtel shares, however, are still up about 60 per cent in 2017 even after the share fall. Airtel is India's largest mobile operator with 24% subscriber market share and 31% revenue market share.


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